CMN Resolution No. 3141 - Amending Provisions Regarding Requirements and Procedures for the Establishment, Authorization to Operate, Transfer of Corporate Control, and Corporate Reorganization of Financial Institutions and Other Institutions Authorized by the Central Bank of Brazil

RESOLUTION NO. 003141

Amending provisions regarding the requirements and procedures for the establishment, authorization to operate, transfer of corporate control, and corporate reorganization of financial institutions and other institutions authorized to operate by the Central Bank of Brazil, as well as the exercise of positions in the statutory bodies of said institutions.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on November 27, 2003, based on Articles 4, item VIII, and 10, item XI, of the aforementioned law - the latter renumbered in accordance with Article 19 of Law No. 7,730, of January 31, 1989 -, in Law No. 4,728, of July 14, 1965, in Article 20, § 1, of Law No. 4,864, of November 29, 1965, in Law No. 6,099, of September 12, 1974, with the amendments introduced by Law No. 7,132, of October 26, 1983, and in Article 1 of Provisional Measure No. 2,192-70, of August 24, 2001, and considering the provisions of Article 9 of Law No. 9,447, of March 14, 1997,

RESOLVES:

Article 1. Amend Article 21 of the Regulation annexed to Resolution No. 3,040, of November 28, 2002, which shall henceforth read as follows:

"Article 21. The Central Bank of Brazil shall deny requests related to the matters covered by this regulation, if it is found that:

I - there is a registration irregularity involving the administrators, members of the controlling group, or holders of qualified participation in the institution;

......

Sole Paragraph. In the cases covered by item I, the Central Bank of Brazil shall grant a deadline for the interested parties to rectify the registration irregularity or, if applicable, to present the corresponding justification." (NR)

Article 2. Articles 1, 4, 5, 6, and 8 are amended, and Article 1-A is included in Resolution No. 3,041, of November 28, 2002, which shall henceforth read as follows:

"Article 1. ......

§ 2. Revoked." (NR)

"Article 1-A. The provisions of this resolution do not apply to federal public financial institutions, whose members of statutory bodies are chosen in accordance with the legislation in force, without prejudice to the obligation to communicate the respective acts of election or appointment to the Central Bank of Brazil within a maximum period of fifteen days from their occurrence." (NR)

"Article 4. ......

§ 2. The declaration referred to in § 1 is waived in cases of election of board of directors councilors, directors, and managing partners with mandates in force in the institution itself or in another entity integrated into the respective financial conglomerate." (NR)

"Article 5. ......

§ 1. The election or appointment to positions of board of directors councilor, director, or managing partner in the following entities is exempt from the publication referred to in the main text:

I - single credit cooperatives, except those mandatorily affiliated with central credit cooperatives;

II - microentrepreneur credit societies.

...... " (NR)

"Article 6. The Central Bank of Brazil may request additional documents and information deemed necessary for the proper conduct of the homologation process, including from competent authorities abroad, if applicable, as well as summon elected or appointed individuals for interviews, in order to obtain full conditions for analysis regarding the requirements required for the exercise of the intended positions." (NR)

"Article 8. If, at any time, a registration irregularity involving administrators, pre-existing to the respective election or appointment, or falsity in the declarations or documents presented in the instruction of the process is established, the Central Bank of Brazil may, at its discretion, revoke the act granting the homologation of the name of the elected or appointed individual." (NR)

Article 3. This resolution enters into force on the date of its publication.

Brasília, November 27, 2003.

Henrique de Campos Meirelles
President